Caixin OnlineFinance & EconomicsTop Stories Finance How 300,000 Yuan and Shark's Fin Soup Can Buy IPO Approval
01.31.2013 17:57

How 300,000 Yuan and Shark's Fin Soup Can Buy IPO Approval

Members of a review committee and others at CSRC can make millions every year through shady deals made possible by an opaque system, people close to the process say
By staff reporter Lu Yuan

China's Securities Regulatory Commission

(Beijing) – Near the China Securities Regulatory Commission's (CSRC) headquarters in western Beijing is a nice restaurant where seafood delicacies such as shark's fin soup are served and tabs can run to 1,000 yuan per person.

However, much higher sums are discussed over expensive dishes of abalone and sea cucumber at the restaurant, which is popular with IPO applicants who want to dine with CSRC officials.

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